South Korea is providing $5bn financial cooperation package to encourage economic advancement and resource development in Africa.
The country made this known at the 53rdAnnual Conference of the African Development Bank (AfDB), held at Busan, in South Korea.
South Korea’s Finance Minister, Mr. Kim Dong-yeon said the fund to be spread out in two years to different African countries will be deployed to developing rural areas, enriching manpower, tackling climate change, building and the expanding of infrastructures.
South Korea will also be sharing with Africa its past experiences with its economy that led to its switch from a beneficiary to a donor of aid. It will also be exchanging expertise in infrastructure building and technological advancements.
Meantime, African countries present at the event took the time to state their support for the Panmunjeom Declaration signed between the leaders of North Korea and South Korea at the recently concluded inter-Korean
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